City of London 'to become more like Canary Wharf' as century-long signs ban set to be lifted

The City of London Corporation could revoke its tough bylaws on corporate signage in a bid to bolster its status as a financial district.

For more than a century, companies in the Square Mile have not been permitted to display corporate logos on the sides of buildings.

The scrapping of the rule is motivated by a desire to enhance the City’s status as a global financial hub.

The new approach is currently under consideration by the City of London Corporation - which manages the Square Mile district.

The City of London financial district has strict bylaws on signage

AFP/Getty

The Square Mile is one of London’s key financial districts

PA Archive

The rule has been widely opposed by banks, law firms, and other tenants who perceive the rules as outdated. Such rules have never applied in Canary Wharf - another key financial district in the capital.

Shravan Joshi, a City of London councillor, told the Financial Times: “We’re putting together the policies now of what it would take. The feeling among decision makers in the Square Mile is very much that we want this to happen.”

He said: “If an international firm wants to put its name on its door, that should be taken as a compliment to London. We’ve got this horrible habit of naming our buildings after fruits and vegetables or everyday objects.

“Why shouldn’t it be the Aon Tower instead of the Cheesegrater? The insurance broker is the building’s anchor tenant.”

Mr Joshi added that he was not advocating for luminous Tokyo-style neon signage and that any advertising should still be carried out “in the same City palette - conservative and tasteful.”

The rules on signs date back to at least 1911, according to City of London Corporation bylaws.

The policy is designed “to encourage a high standard of design and a restrained amount of advertising in keeping with the character of the City” and to “resist excessive or obtrusive advertising, inappropriate illuminated signs and the display of advertisements above ground-floor level.”

There have been recent calls from tenants and firms in the City to revoke existing rules.

The Square Mile would look more like Canary Wharf if the signage ban is lifted

PA Wire

HSBC has sought permission to display its name above its new headquarters next to St Paul’s Cathedral, according to people familiar with the matter. In Canary Wharf, the bank has its logo visible from all four sides of its huge tower block building. It is not clear whether the bank plans on doing the same at its City headquarters.

Other sources suggested to the FT that JPMorgan Chase and Clifford Chance also sought to display corporate logos at potential new offices in the City.

JP Morgan has since chosen to develop its site in Canary Wharf, though people familiar with the matter said signage rules did not influence the decision.

It is expected that there will be limits to the relaxation of existing rules and there could also be squabbles over which firms are granted the privilege of prime advertising spots.

For example, at 100 Bishopsgate, there could be multiple corporates fighting for the top advertising spot.

For the rules to be relaxed, a proposal will need to be approved by two committees in a process that could take as long as 18 months.

New York City has a similar approach to the City of London when it comes to signage. Zoning laws limit signage to below 40 feet, with the exception of Times Square.